Saul Paid Off A Loan With A Simple Interest Rate Of 4.7% In 9 Months. What Was The Apr?

 To find the Annual Percentage Rate (APR) from a given simple interest rate, you can use the formula:

$\text{APR}=\left(\frac{\text{Simple Interest Rate}\times 12}{\text{Number of Months}}\right)\times 100\mathrm{\%}$

Given: Simple interest rate (r) = 4.7% = 0.047 Number of months (t) = 9

Plug these values into the formula:

$\text{APR}=\left(\frac{0.047\times 12}{9}\right)\times 100\mathrm{\%}$ $\text{APR}=\left(\frac{0.564}{9}\right)\times 100\mathrm{\%}$ $\text{APR}=\left(0.0627\right)\times 100\mathrm{\%}$ $\text{APR}=6.27\mathrm{\%}$

So, the APR for Saul's loan is 6.27%.